The ATIC, or Advanced Technology Investment Company is a subsidiary of Abu Dhabi’s Mubadala Development Company. Abu Dhabi recognizes the fact that it must diversify its economy so that it is not completely reliant on oil. Through ATIC, Abu Dhabi has decided that the way to diversify is by creating a way to invest in new and high-tech technologies. This appears to be the ideal industry because it is capital intensive, but has a long term positive return.
Students also visited Mubadala, the development company in charge of facilitating the diversification of Abu Dhabi’s economy. Mubadala is a government-owned entity that focuses on strategically managing long-term investments that will generate returns and tangible social benefits for the Emirate. This visit demonstrated the contrast between Abu Dhabi’s vision and that of Dubai, because while Dubai focuses on increasing its tourism and infrastructure, Abu Dhabi’s vision is to have an economy based on people and developing their potential and intellect.
Abu Dhabi, through the Masdar Initiative, has invested over $250 million into clean energy technology, start-up companies and global companies whose products adhere to the ideals of the initiative. The city is designed to be self-sufficient and has close to carbon neutral as possible. Masdar City hopes to be entirely solar-powered with zero-waste and zero-carbon ecology, as well as supporting sustainable transport, materials food and water. The self-sustained city is intended to model the viable potential for more alternative energy environments.